OPEC+ debates biggest-ever oil cut, awaits U.S. efforts [Reuters (UK)]
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Source: Reuters
OPEC+ debates biggest-ever oil cut, awaits U.S. efforts - Reuters 6 Min Read DUBAI/LONDON/MOSCOW (Reuters) - OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said, while also waiting to see what action the United States would take as U.S. President Donald Trump met with oil companies on Friday at the White House. In a subsequent phone conference, U.S. Energy Secretary Dan Brouillette told industry executives that the White House is not negotiating with Saudi Arabia or Russia, and is encouraging them to come together to reach an agreement to cut production, a source who listened to the call said. The oil market has crashed, with prices falling to $34 a barrel from $65 at the beginning of the year, as a result of the coronavirus pandemic. Fuel demand has dropped by roughly a third, or 30 million barrels per day, as billions of people worldwide restrict their movements. A global deal to reduce prod
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